THE INTERSECTION | MADNESS & REALITY: Barack Obama signs Student Loan reform bill, and Negroes are happy

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Barack Obama has signed into law reforms and measures intended to help poor people afford college and help those of us trying to pay back student loans! Not everyone is happy about it. They complain more example oif the government trying to take over. The problem is this was a major problem. What else could have or should have been done? I don't know what is going to happen when the government passes a law i don't like or disagree with, but i'm sure it will happen soon.

In both speech and substance, Tuesday's event offered a preview, casting the healthcare law as part of a bigger Democratic plan to help American families against monied interests who have profited in their time of economic distress. Just as Democrats fought the insurance companies to reform health care, the president said, they put an end to the role of banks in the college loan process.

"We can't afford to waste billions on giveaways to the banks" when American competitiveness depends on the fortunes of its students, Obama said.

The White House estimates that the changes in the lending program will general $68 billion in savings over the next 10 years, money that can be used to help expand the Pell Grant program.

The new law will also put a cap on college graduates' annual loan payments, so that they only have to pay back 10% of their income.

Here is a humorous take.



Obama signs student loan reforms into law
THE INTERSECTION | MADNESS & REALITY: Barack Obama signs Student Loan reform bill, and Negroes are happy